05 August 2021 Afternoon Session Analysis
Aussie slumps on mixed data, covid woes.
The Australian dollar which traded against the dollar and other currency pairs have fell amid mixed Australian trade data also ongoing coronavirus woes in Australia. According to Australian Bureau of Statistics, Australia trade balance for June surpassed market expectation with the reading of 10496M against 10450M. However, the positive data unable to lift the sentiment for the pair as softer import and export data challenge the bulls. Australia’s import came in at 1% against previous reading of 3% while exports also fell 4%, lesser than previous reading of 6%. On top of that, worsening coronavirus situation in Australia also continue to pressure the pair. Following latest development, New South Wales recorded another 262 new cases while Victoria and Queensland also recorded 7 and 16 cases respectively. Due to surging cases, more regions are expected to go into lockdown. At the time of writing, AUD/USD fell 0.05% to 0.7384.
In the commodities market, crude oil price fell 0.16% to $68.35 per barrel as of writing following concerns over Delta variant weigh on global energy demand. With U.S and China still grappling with the highly contagious Delta variant outbreak, market worries that the surging cases will greatly reduce fuel demand in near term. On the other hand, gold price fell 0.06% to $1811.01 a troy ounce at the time of writing following dollar rebound.
Today’s Holiday Market Close
Time Market Event
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Today’s Highlight Events
Time Market Event
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Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 16:30 | GBP – Construction PMI (Jul) | 66.3 | 63.8 | – |
| 19:00 | GBP – BoE Interest Rate Decision (Aug) | 0.10% | 0.10% | – |
| 20:30 | USD – Initial Jobless Claims | 400K | 380K | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher following prior breakout above the previous resistance level 92.15. MACD which illustrate bullish momentum signal suggest the dollar to extend its gains towards the resistance level 92.65.
Resistance level: 92.65, 93.10
Support level: 92.15, 91.60
GBPUSD, H4: GBPUSD was traded lower while currently testing the support level 1.3890. MACD which illustrate bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 1.3990, 1.4105
Support level: 1.3890, 1.3735
EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level 1.1880. MACD which illustrate persistent bearish momentum signal suggest the pair to extend its losses towards the support level 1.1810.
Resistance level: 1.1880, 1.1950
Support level: 1.1810, 1.1755
USDJPY, H4: USDJPY was traded higher while currently testing the resistance level 109.70. MACD which illustrate bullish momentum signal with the recent formation of golden cross suggest the pair to extend its gains after it breaks above the resistance level.
Resistance level: 109.70, 110.40
Support level: 109.20, 108.65
AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level 0.7415. MACD which illustrate diminishing bullish momentum signal with the starting formation of death cross suggest the pair to extend its retracement towards the support level 0.7330.
Resistance level: 0.7415, 0.7485
Support level: 0.7330, 0.7245
NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level 0.7075. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement towards the support level 0.7000.
Resistance level: 0.7075, 0.7135
Support level: 0.7000, 0.6925
USDCAD, H4: USDCAD was traded flat while currently testing the support level 1.2535. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to be traded lower after it breaks below the support level.
Resistance level: 1.2600, 1.2675
Support level: 1.2535, 1.2440
USDCHF, H4: USDCHF was traded higher following prior rebound from the support level 0.9040. MACD which illustrate persistent bullish momentum signal suggest the pair to extend its gains towards the resistance level 0.9090.
Resistance level: 0.9090, 0.9135
Support level: 0.9040, 0.8990
CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level 68.00. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to experience technical correction towards the resistance level 70.90.
Resistance level: 70.90, 74.60
Support level: 68.00, 65.65
GOLD_, H4: Gold price was traded flat near the resistance level 1814.80. However, MACD which illustrate bearish bias signal suggest the commodity to be traded lower towards the support level 1792.10.
Resistance level: 1814.80, 1831.85
Support level: 1792.10, 1762.20